Models introduce the men's clothing section at a retail store in Seoul, April 10. Courtesy of Shinsegae
Revenue of major retail companies here went up 5.6 percent from a year earlier in March thanks to the robust consumption demand fueled by a sharp increase in inbound travelers to Korea and the back-to-school season, government data showed Wednesday.
Offline retailers reported 1.9 percent year-on-year growth in sales, with department stores posting a sharp growth of 14.7 percent and convenience stores enjoying a 2.7 percent gain in revenue, according to data compiled by the Ministry of Trade, Industry and Resources.
The ministry said department stores, in particular, saw their revenue increase across fashion and sports items, and children's goods, as a record 2.06 million foreign tourists visited the country in March. Shopping demand also rose with the start of a new school year.
Offline supermarkets, however, saw their revenue drop 15.2 percent year-on-year with the continued growth of the e-commerce sector.
The revenue of major online retail platforms climbed 8.1 percent year-on-year, led by the growth in sales of cosmetics, groceries, household items and home appliances.
Online platforms accounted for 60.6 percent of total retail sales in March, while department stores took up 15.4 percent, convenience stores 13.9 percent and supermarkets 8.1 percent.
Source: Korea Times News
